Use This Information to Answer the Following Question Goods Available for Sale Would Appear on the Income Statement

question 24

Multiple Choice

Use this information to answer the following question. The selected accounts and balances for Keystone Market appear as follows:
$\begin{array}{lr}\text { Advertising Expense } & 14,000 \\\text { Common Stock } & 100,000 \\\text { Dividends } & 21,000 \\\text { Freight-In } & 7,000 \\\text { Freight-Out Expense } & 10,000 \\\text { Interest Income } & 24,000 \\\text { Merchandise Inventory (Jan. 1) } & 58,000 \\\text { Merchandise Inventory (Dec. 31) } & 56,000 \\\text { Purchases } & 60,000 \\\text { Purchases Returns and Allowances } & 4,000 \\\text { Rent Expense } & 9,000 \\\text { Retained Earnings } & 40,000 \\\text { Sales } & 150,000 \\\text { Sales Returns and Allowances } & 19,000 \\\text { Wages Expense } & 32,000\end{array}$ Goods available for sale would appear on the income statement as

• A) $114,000.
• B) $61,000.
• C) $121,000.
• D) $51,000.

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Definitions:

Multilingual Audiences

Groups of people with diverse language backgrounds that are the target for communication, requiring content to be accessible in multiple languages.

Real Time

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A structured framework involving eight stages for managing and executing tasks or changes effectively, often applied in project management or organizational development.

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